16. (10 points) A 15-year increasing annuity makes payment at the beginning of each month. The first year amount is $12,000, i.e., payments in the first year are $1,000 per month. Once each year the monthly payments increase by $50 per month, i.e., $600 for the year. The input interest rates are in Column B expressed as annual nominal rates convertible monthly. Calculate the BOP accumulated and present values for each month. a) [5 pts] Calculate the cash flows in Column C. b) [5 pts] Calculate the present value at the beginning of the first month.

16. (10 points) A 15-year increasing annuity makes payment at the beginning of each month. The first year amount is $12,000, i.e., payments in the first year are $1,000 per thonth. Once each year the monthly payments increase by $50 per month, i.e., $600 for the year. The input interest rates are in Column B expressed as annual nominal rates convertible monthly. Calculate the BOP accumulated and present values for each month. a) [5 pts] Calculate the cash flows in Column C. b) [5pts] Calculate the present value at the beginning of the first month